Market News Page No. 379| Africa Business News

Construction industry in Kenya posts impressive growth

The construction industry in Kenya defied high interest rates to post impressive growth, a new report by Kenya National Bureau of Statistics (KNBS) reveals. Data released by KNBS, reveals that the sector grew by 14.1 per cent in the third quarter of 2015 compared to 8.8 per cent over a similar period in 2015. Construction loans to the sector grew by Sh22 billion (or 28 per cent) from Sh79 billion to Sh101 billion during.... Read more »

Posted on : Monday , 11th January 2016

Chinese-Built Roads Ease Travels in Kenya

Thanks to the Thika Superhighway completed by Chinese three years ago, travels have become much more comfortable. The 50 km road is Kenya's first superhighway and one of the most modern pieces of road infrastructure in East and Central Africa. The highway is seen as strategic to Kenya's economy as it connects Nairobi to the fertile central highlands. Ever since the opening of the highway, people like Muriuki.... Read more »

Posted on : Friday , 8th January 2016

Kenya looks to China for further infrastructure and financial development in 2016

As 2015 ends, Kenyans have a basketful of expectations in the coming year from the Chinese, who have touched their lives in different sectors. From infrastructure to technology, Kenyans expect the Chinese to continue investing in the country, and even do more projects than they did in 2015. Bernard Mositet, a government worker, noted Tuesday that the construction of the standard gauge railway by the Chinese brought hope.... Read more »

Posted on : Friday , 8th January 2016

Rosatom to officially begin constructing nuclear power plant in Africa

Russia’s national nuclear corporation Rosatom will commence the construction of first nuclear power plant in Egypt after signing an agreement. In the contract signed, the construction of the power plant in Egypt will begin early 2016. According to the press release given by the company the construction of the nuclear power plant will commence in the first quarter of 2016. “The plan will be actualized after the contract.... Read more »

Posted on : Friday , 8th January 2016

East Africa: Strengthening Banks to Enhance Trade, Investment

The introduction of banks in Ethiopia goes back hundred years. All along the road the so introduced banks have carried out a range of business transactions, contributing a lot to the country's socio-economic development. Strengthening these institutions is not only promoting trade and investment but it is also igniting both local and international business interactions. Apart form providing loans and deposit services, banks play a.... Read more »

Posted on : Thursday , 7th January 2016

Construction sector in East Africa to modernize

Ethiopia is seeking to modernize its construction sector by adopting technology. The country’s Ministry of Construction says it has embarked on a preparation plan to modernize Construction sector in Ethiopia in the GTP II period. The planning stage involves heads of regional bureaus and construction stakeholders. Minister of Construction Ambachew Mekonnen at the consultation said the plan is prepared to tackle the hurdles.... Read more »

Posted on : Thursday , 7th January 2016

US to fund the construction of an oil pipeline in Kenya

The Kenyan oil industry is set to receive a financial boost of US$1.3bn from the American Government as they have expressed interest in funding the construction of an oil pipeline in Kenya that will link the northern oil fields to Lamu. The US$ 2.3bn development is a positive and tremendous project as South Sudan and Ethiopia will be linked up to the Lamu port. The US Ambassador to Kenya, Mr. Robert Godec confirmed the reports and said.... Read more »

Posted on : Thursday , 7th January 2016

Renewables up, fossil fuel stocks down

2015 was a landmark year for climate action. Its many highlights were topped by a Paris agreement where 195 countries set themselves on a low-carbon path via economy-wide plans sure to be developed and strengthened every year. In the meantime, climate chaos continues to build: 2015 was the warmest year of the warmest decade since we started recording temperatures. 2016 is forecast to be even warmer. The number of climate refugees are swelling.... Read more »

Posted on : Wednesday , 6th January 2016

The U.S. Ready to Invest Sh2.4 Trillion in Kenyan Oil Industry

The American Government Tuesday expressed interest in funding construction of an oil pipeline linking northern Kenya oil fields to Lamu, upping its stake in the Lappset project. Initially designed and planned to be funded by Chinese, the US says it is ready to invest in the Sh2.4 trillion project to open up northern Kenya and link up landlocked South Sudan and Ethiopia to the Lamu port. US Ambassador to Kenya, Mr Robert.... Read more »

Posted on : Wednesday , 6th January 2016

Upcoming High-Speed Rail Will Be an Economic Boost to Kenya

With the laying of rail tracks set to be complete by December, the completion of the Standard Gauge Railway is going to be one of the big stories this year. The modern railway is expected to open to first commercial traffic in June 2017. Transport CS James Macharia is already sounding optimistic, lauding the progress made so far and noting that big impact on the economy will be recorded this year even as the tracks are laid on the.... Read more »

Posted on : Wednesday , 6th January 2016

China Keen to Boost Cooperation With East Africa in Infrastructure

Chinese Vice Foreign Minister Zhang Ming said Tuesday China is keen to strengthen cooperation with Ethiopia in the infrastructure development and transportation sector. Zhang made the remarks after he visited the Addis Ababa Light Rail Transit constructed by the China Railway Group in the capital of the East African country. Zhang said infrastructure development and transportation sector are among the various fields China and Ethiopia are.... Read more »

Posted on : Wednesday , 6th January 2016

Sh1.2 Billion Lighting Project Boosts Business in Mombasa

The Mombasa County government and Kenya Power have finished lighting up the town at a cost of Sh1.2 billion in an effort to woo investors and revitalise tourism industry through the Mwangaza Mtaani project. Started in September last year, the street lighting programme, involved upgrading of the electricity network in the coastal town and installation of high mast lights in major streets including public beaches. During the just.... Read more »

Posted on : Tuesday , 5th January 2016